C&M Hack: $140M Stolen After Employee Sells Bank Credentials

$140 Million Bank Heist in Brazil Exposes Vulnerabilities of Centralized Financial Systems

  • A breach at C&M Software in Brazil led to the theft of $140 million from six banks tied to the central bank.
  • An employee allegedly sold login credentials for about $2,700, granting Hackers access to financial systems.
  • Investigators found hackers laundered $30 million to $40 million using Bitcoin, Ether, and USDt via Latin American exchanges.
  • The event highlights the risks posed by centralized digital financial systems and single points of failure.
  • Experts point to decentralized blockchain methods as a way to reduce the appeal of future attacks.

On Wednesday, hackers invaded the digital systems of C&M Software, a service connecting Brazil’s Central Bank to several local financial institutions. The unauthorized entry resulted in nearly $140 million stolen from six banks associated with the central bank.

- Advertisement -

The breach happened after an employee of C&M Software reportedly sold his login credentials to the attackers for roughly $2,700. According to São Paulo news outlet Hacker-quem-e-suspeito-de-entregar-acesso-ao-sistema-que-liga-bancos-do-pix.ghtml” rel=”noopener nofollow”>Sao Paulo Globo, this allowed criminals to access key software and withdraw funds held in reserve accounts.

Blockchain researcher ZachXBT reported that hackers converted between $30 million and $40 million of the stolen money into Bitcoin, Ether, and USDt, laundering the assets through Latin American crypto exchanges and over-the-counter trading desks. Authorities arrested the employee alleged to have provided access.

Security analysts highlight that centralized financial systems are attractive to criminals because a single entry point can expose large amounts of sensitive data and client accounts. Chainalysis noted an increase in attacks on centralized crypto exchanges in late 2024, with hackers taking advantage of single points of failure. Eran Barak, CEO of Shielded Technologies, pointed out that the growing use of Artificial Intelligence tools is making these systems even more vulnerable.

Barak said that decentralized blockchain systems using tools like zero-knowledge proofs force criminals to focus on individual accounts rather than a central database. “Their return on investment (ROI) would be one record instead of millions — not worth it. They are going to go elsewhere,” he said.

Crypto industry data shows that while overall losses reached $2.5 billion in the first half of 2025, the number of successful hacks decreased in the second quarter, according to Chainalysis. The incident adds to concerns about Cybersecurity risks in modern financial infrastructure.

✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.

Previous Articles:

- Advertisement -

Latest News

Astronomer Turns Viral CEO Kiss Cam Scandal Into Data-Driven Win

Astronomer, a data infrastructure company, faced a viral public incident involving its CEO and...

Japan’s Crypto Bottleneck: Regulation, Not Taxes, Drives Talent Out

Regulatory approval delays are causing crypto startups to leave Japan.A proposed 20% flat tax...

Solana Rallies 5%, Eyes $200 as Bulls Challenge $188 Resistance

Solana (SOL) has recovered, rising over 5% in 24 hours and 30% in the...

Winklevoss Accuses JPMorgan of Retaliation Over Crypto Criticism

Gemini co-founder Tyler Winklevoss accused JPMorgan Chase of pausing the crypto exchange’s onboarding after...

Floki (FLOKI) Soars 85% in 30 Days, Eyes $0.0002 Target

Floki (FLOKI) gained over 85% in value in the last 30 days, according to...

Must Read

TOP 12 Day Trading Crypto Books For Beginners

Day trading cryptocurrencies has become an increasingly popular financial activity, offering the potential for huge returns to those who understand the market's complexities and...